The seven specific areas you need to consider in your business re-set process:
• Primary Aim
• Strategic Objectives
• Organizational Strategy
• Management Strategy
• People Strategy
• Marketing Strategy
• Systems Strategy
As we emerge from the Pandemic-induced hibernation of our businesses, many of us have to re-set the meter; almost as if we’re starting over.
These seven areas will fine turn your plan for the ultimate level of success. In this lesson we are going to cover the first three.
Primary Aim
It’s essential in business development to set goals and see a vision for the future.
This needs to go beyond the business, and you need to think about what you want out of life.
What do you dream about?
How do you see your success unfolding?
Knowing and understanding these things will give you the momentum to get started and the stamina to see it through.
Even take a minute to write them down and tape to your desk for a constant reminder of what you’re aiming for.
Strategic Objectives
These are essential in taking your business from surviving to thriving. All of these objectives should offer solutions for how to get to your primary goal. There are many things you can use to set strategic objectives, but here are a couple of the most popular:
1. Money: Setting monetary goals is a great, simple way to see how you are doing at any point in the game. It’s easy to measure and easy to find adjustments to help meet this goal. Remember, what gets measured gets done!
2. Worthy Opportunities: When considering partnerships and other business opportunities you need to think about whether or not they will help you reach your primary goal.
Those that will are the best opportunities to seriously consider.
Those that are not should be placed in the “back burner” position.
The key in setting standards and goals is not to limit you or stress yourself out. You need to find some quantifiable things you can use to measure your progress toward your primary goal.
These are just two suggestions, but make sure no matter what standards you set you are paying attention to the details, as these are some of the biggest keys to your success.
Organizational Strategy
The strength of your organizational structure can make or break your business, so it’s important to take the time to put together a solid structure for your business to grow.
Generally, a company is organized around the roles and responsibilities that need to be taken care of daily and the personalities that need to fulfill those roles.
No matter what roles and responsibilities you’ve defined for your employees, you must always keep your personal primary aim separate from your company’s primary aim or mission statement. Once you’ve identified the primary aim for your company it will be easy to set up a position structure that will work.
Don’t forget to put together position contracts. Your employees should sign a statement of their roles and responsibilities. This helps keep them clear for you, the employee and other employees/vendors or other individuals.
You can see how these areas all work together to build a solid structure on which to build your business.
If you need help defining any of these areas, you can check out the resources, tools and speak with one of our fantastic coaches during your GUIDED TOUR.
Feel free to visit https://newcoachingstrategies.com for your GUIDED TOUR and a complimentary copy of my first book in the five-book series, Business Breakthrough Secrets, Volume I, The Secret Formula To Discovering $10K Hidden Inside Your Business In 45 Minutes Or Less… Guaranteed!
Tag: Business
Mortar Makes It Happen
Today I’d like to talk about the three keys to business development and how you can put the right bricks in place to build a solid foundation.
There are three main areas of business development:
- Innovation
- Quantification
- Orchestration
If done well these three areas will help you build a solid foundation for your business. Let’s talk about each one of these for just a minute.
Innovation
Innovation should not be confused with creativity, which is the expression of ideas. Innovation is taking these ideas and putting them into action. This is where a large amount of your focus should be in the beginning and even throughout your business’ entire lifespan.
Quantification
This, of course, refers to the numbers. We are talking about the value of your innovation. The best way to gauge this is by your customer response. Look to positive responses for what you are doing right and keep doing it. Look to your negative responses to find out what you’re doing wrong and fix it. This will enable you to keep growing and progressing with the needs of your customers and business climate.
Orchestration
Once you’ve had a chance to find what areas are working, you can narrow down those areas and concentrate on making them the stand out ideas. You shift your focus here to get the most out of your business and to meet the needs of your customers.
We can help you work through these three areas to put together your franchise prototype during your GUIDED TOUR.
In the next few lessons we are going to transition to the 7 specific areas you need to consider in your franchise prototype process:
- Primary Aim
- Strategic Objectives
- Organizational Strategy
- Management Strategy
- People Strategy
- Marketing Strategy
- Systems Strategy
These 7 areas will fine turn your plan for the ultimate level of success.
Expand The Life Of Your Business
Today I’m going to talk about the life cycle of a business and how to get the most out of each cycle while also extending the lifespan of your business.
The four different stages of a business life cycle are:
- Infancy
- Adolescence
- Growing Pains
- Maturity
We’ll talk a little about what each of these cycles means and how they can each help expand your business’ lifespan.
Infancy
This is generally considered the technician’s phase, which is the owner. At this point, the relationship between the business and the owner is that of a parent and a new baby. There is an impenetrable bond that is necessary to determine the path your business will follow.
The key is to know your business must grow in order to flourish. You cannot stage in this stage forever.
Adolescence
In this stage, you need to start bringing your support staff together to delegate to and allow growth to happen. The first line of defense is your technical person as they need to bring a certain level of technical experience. This cycle really belongs to the manager though. The planning stage needs to start and a relationship should be built with the entrepreneur to plan for the future.
Growing Pains
There’s a point in every business when business explodes and becomes chaotic. This is referred to as growing pains. It’s a good problem to have, but a problem nonetheless. You are often faced with a number of choices:
- Avoid growth and stay small
- Go broke
- Push forward into the next cycle
Maturity
The last cycle is maturity, though this doesn’t mean the end of your business. Your passion for growth must continue in order for your business to succeed. You need to keep an entrepreneurial perspective in order to push your business forward.
You see how all three of these cycles are connected and depend on a strong foundation for each one of them for your business to be and continue to be successful. All three of your key roles must also work together to work through these cycles.
If you’re having trouble putting together your business life cycles and figuring out which of the key roles you fit into, try our GUIDED TOUR and work with one of our amazing coaches.
